Islamic social bank: an adaptation of Islamic banking?
Islamic banking is an experiment of the viability of Islamic economy with the aim to fulfil the socioeconomic justice that balances the material and social aspects of finance. However, the current practice of Islamic banking has yet to address the moral issues in promoting a balance between social...
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| Format: | Article |
| Language: | English |
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Penerbit Universiti Kebangsaan Malaysia
2016
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| Online Access: | http://journalarticle.ukm.my/10796/ http://journalarticle.ukm.my/10796/ http://journalarticle.ukm.my/10796/1/14164-43002-1-PB.pdf |
| Summary: | Islamic banking is an experiment of the viability of Islamic economy with the aim to fulfil the socioeconomic justice that
balances the material and social aspects of finance. However, the current practice of Islamic banking has yet to address
the moral issues in promoting a balance between social and economic justice. Consequently, some scholars suggested
that it is timely to learn from the experience of social banking model; that is an articulation of a sustainable and CSR
oriented banking model in fulfilling the developmental needs of Muslim societies. Therefore, the purpose of this study
is to introduce the idea of Islamic social banking based on the aspiration of Islamic moral economy. This paper will
also discuss the social and sustainable features of social banking from an Islamic view which importantly will lead to
social and economic development. The implication of the study is to fulfil the developmental needs of the Muslims in
alleviating poverty and uplifting the social status by introducing a social bank which is Shari’ah compliance. |
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